This overview of the state of endowment giving comes at a time of urgent need in the nonprofit sector. With market returns uncertain, and spending restraint difficult, the moderate but measurable increase in donations in the previous year invites institutions to consider elevating fund-raising to a more strategic position within the organization. For institutions that have historically viewed fund-raising tactically, the tasks can seem daunting: building donor records; prioritizing institutional needs; and recruiting staff. The long-term potential rewards from such efforts are strategic, and go beyond the issue of the immediate amounts raised. The formation of strong mutual commitments and ties between the institution and its supporters enhances its ability to articulate institutional goals, promotes honest and deep understanding of donor interests and institutional needs, and ultimately strengthens its ability to fulfill its mission. While the current state of fund-raising may be uncertain, its role is not. No longer optional, an effective fund-raising program, consistently implemented, can become a central pillar of support for the institution.